https://www.taxtmi.com/caselaws?id=797793 Closing stock accepted for a preceding accounting year must ordinarily be carried forward as opening stock for the succeeding year. Revaluation of that opening stock requires a legally sustainable basis, particularly where the books of account remain unrejected and no material supports a different valuation. Interest on an outstanding credit cannot be disallowed merely by treating the credit as false when the prior-year credit balance itself is undisputed. The principles support deletion of additions based on contrary stock valuation and unsupported interest disallowance. en-us Thu, 20 Aug 2026 00:00:00 +0530 Thu, 27 Aug 2026 08:28:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797793 Closing stock accepted for a preceding accounting year must ordinarily be carried forward as opening stock for the succeeding year. Revaluation of that opening stock requires a legally sustainable basis, particularly where the books of account remain unrejected and no material supports a different valuation. Interest on an outstanding credit cannot be disallowed merely by treating the credit as false when the prior-year credit balance itself is undisputed. The principles support deletion of additions based on contrary stock valuation and unsupported interest disallowance. Case-Laws Income Tax Thu, 20 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797793